Public records published by the Financial Industry Regulatory Authority (FINRA) on August 19, 2016 indicate that Illinois-based Stifel Nicolaus broker/adviser Christopher Prassas has received customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Prassas (CRD# 2271394).
Christopher Prassas has spent 23 years in the securities industry and has been registered with Stifel Nicolaus in Chicago, Illinois since December 2015. Previous registrations include Barclays Capital in Chicago, Illinois; Credit Suisse Securities in Chicago, Illinois; Donaldson Lufkin & Jenrette Securities in Jersey City, New Jersey; Credit Suisse First Boston in New York, New York; and Berghoff Marsh & Company in Chicago, Illinois. He is a registered broker and investment adviser with 48 US states and territories.
According to his BrokerCheck report, Christopher Prassas has received two customer complaints.
In 2013, a customer alleged Christopher Prassas, while employed at Credit Suisse Securities, concentrated the accounts in unsuitable investments. The complaint settled in 2014 for $55,000.
In 2002, a customer alleged Christopher Prassas, while employed at Donaldson Lufkin & Jenrette Securities, engaged in excessive trading, recommended unsuitable securities, and used margin extensively. The complaint settled in 2003 for $245,000, to which Mr. Prassas individually contributed $25,000.
“Margin” refers to the practice of borrowing funds from one’s broker or investment adviser to purchase a security, with that security itself used as collateral in the transaction. There are many benefits to purchasing securities on margin, chiefly the increase of purchasing power that allows investors to buy more securities without completely paying for them. There are also many risks, chiefly the increase in potential for significant losses. Brokers, investment advisers, and broker-dealer firms who unsuitably recommend investments on margin may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
Concentration (or “over-concentration”) refers to a broker’s failure to diversify a customer’s portfolio among a variety of assets. Sometimes a broker believes one asset will outperform others, and focuses the investment in that asset or class. In other cases, a broker might invest primarily in a series of related investments; for instance, municipal bonds in the same region. Since similar classes often perform similarly, if one performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Christopher Prassas, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.